The Insurance Industry in New Jersey
The Insurance Industry in New Jersey
The insurance industry in New Jersey has three major divisions: medical malpractice, life and health, and property and casualty. The industry underwrites policies in education, companies in rehabilitation and liquidation, market conduct and anti-fraud enforcement, and solvency regulation.
The medical malpractice insurance industry in New Jersey is one of the industries hardest hit by a medical liability crisis in the early 2000s. But that, too, is changing as premiums start to flatten, underwriting policies to loosen, and new companies to actively seek physician business. There is also a massive drop in claims frequency, which is underwriting overall industry confidence by both carriers and medical professionals alike.
The division for life and health has recently seen massive reforms, including a 1992 state law which in effect gave high-risk small business owners and individuals access to health insurance coverage. Another new reform is the 2010 NJ Protect law which covers uninsured and physically and financially-burdened New Jersey residents. There is also the NJ Family Care which can be accessed by low income families, including children, guardians or parents.
The automobile insurance industry, which is required in New Jersey like in any other state, falls under the property and casualty insurance division. The industry is one of the biggest and most profitable in the state. It is also the most accessible and at the same time the most expensive, in part because of the state's population density and the large volume of road traffic. The NJ automobile insurance industry gives away regular discounts, including the good student and over-65 discounts. One of the lesser known, the personal injury protection discount, is tailor-made not only for the driver who drives two or more vehicles but also for the lone driver of a single household. The discounts availability, however, may be limited to one or two insurance companies in the state.
The property and casualty insurance division is also responsible for regulating homeowners and other property insurance in New Jersey. The homeowners insurance can cost between $500 to $1,100 per typical policy, one of the most expensive in the country. This is because New Jersey is a high-risk state, prone to hurricanes because of its proximity to water bodies. As such, many residents are turning to homeowners insurance policies to protect, even replace, their properties in a time of crisis.
The most extensively used homeowners insurance policy in NJ is the HO-3, which covers the home from all risks except war and earthquake. The policy also covers all contents of the home lost during the calamity.
Though the insurance industry in New Jersey is a bit high compared with other states, New Jersey has been very proactive in passing legislations and putting reforms to better improve and broaden its scope.
Find Cheap Backpacking Insurance Online The Importance Of Comprehensive Motor Trade Insurance Miami Heat At La Lakers Nba Online Live Basketball Streaming Tv Coverage On 12/25/2010 Understanding Vehicular Insurance Does My Motor Trade Insurance Policy Cover My Other Business? Different Types of Business Insurance Leicester City Vs Leeds United Live Streaming Football Online Hd Tv Coverage 26-12-2010 Yamaha Insurance Sheffield Utd Vs Hull City Live Streaming Football Online Hd Tv Coverage 26-12-2010 Hd ~ Reading Vs Bristol City Live Football Online Streaming Hd Tv Coverage 26-12-2010 N Y Jets At Chicago Bears Nfl Live Streaming Football Online Tv Coverage 12/26/20 Washington Redskins At Jacksonville Jaguars Nfl Live Football Stream Online Fox Tv Coverage 12/26/20 Indianapolis Colts At Oakland Raiders Nfl Live Football Online Streaming Tv Coverage 12/26/2010